AMMAN, 10 May 2007 — Iraqi business executives yesterday cited lack of security, the absence of the necessary investment legislations and the failing political process as impediments for the badly needed reconstruction projects amounting to $300 billion in Iraq.
The complaints surfaced during the Fourth Rebuild Iraq Conference, which was opened by the Jordanian Minister of Planning and International Cooperation Suhair al-Ali.
The meeting coincides with the Fourth Iraq Reconstruction Exhibition that kicked off on Monday with the participation of about 1,000 firms from 40 countries.
“The bad security conditions in Iraq have so far prevented international firms from coming to the country,” head of the Iraq Business Council Fares Musleh said. “The situation was aggravated by the unstable political situation, as the successive governments adopted unclear policies which perplexed the private sector activities,” he added.
He said Iraq needed infrastructure projects in the spheres of communication, bridges and roads amounting to $300 billion. His concerns were also voiced by the Commercial Manager of the Shamaro Group, Najm Al-Jobouri, who said that the failure to ensure “protection for firms vying for big projects represent the key snag that faces investors in our country.”
Other Iraqi businessmen also blamed the central government for its “inability to enact investment laws that can be applied smoothly.” “The militias and parties do control their areas of influence and investors have no guarantees for their investments,” Ahmad Shahbander, chairman of the directors board of the Majarra Investment Company, said.
